Silver prices averaged USD 33.19 per troy ounce in March, up 3.2% from February. On 31 March, the commodity traded at USD 33.82 per troy ounce, up 8.9% from 28 February.
Silver prices extended the previous month’s gains in March. Donald Trump continued to dominate market news: On the demand side, his tariff policy fueled safe-haven demand for silver by stoking market fears over higher inflation and economic woes. On the supply side, the U.S. by turns threatened and implemented import duties on the metal’s top producers, China and Mexico. In addition, prices benefited from a weaker USD and a dip in U.S. Treasury bond yields.
This chart displays Silver (US$/toz) from 2023 to 2025.
Handy & Harman Silver (prices in US$/toz, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Handy & Harman Silver | - | 24.19 | 23.56 | 23.26 | 23.37 | 28.81 | 29.45 | 31.31 | 31.85 | - | - | - |